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Mixed-Use

Village Center - Retail & Office

56 Talisman Dr, Pagosa Springs, CO 81147

Listing Price: $2,970,541

Cap Rate
7.38%
Gross SF
21,752
Rentable SF
21,752
Price/Gross SF
$136.56
Lot Size
1.35 acres
Year Built
1982

Investment Overview

Marcus & Millichap is pleased to present for sale, the Village Center in Pagosa Springs, CO. The subject property consists of a ±21,752 square foot, multi-tenanted shopping center that is situated on 1.35 acres and located at 56 Talisman Drive, Pagosa Springs in Archuleta County, Colorado. Village Center was delivered in 1982 and extensively renovated in 2016 with the installation of solar panels, which provide power to the building. In 2021, the property underwent a subsequent phase of renovations including exterior painting and replacement of the roof and rear deck. Village Center is situated on a main retail corridor, which provides ingress and egress from Village Drive and Talisman Drive, thus providing excellent visibility and access from the main road, San Juan Road (US Highway 160) which has a traffic count in excess of 20,000 VPD. McDonald’s, City Market, Speedway, Pagosa Urgent Care and Pagosa Inn & Suites are few of many nearby businesses that assist in driving traffic to the location. Village Center features a sustainable mix of local tenants that consists of an accounting firm, private practice therapist, nail salon, storage, land surveyor, coffee shop, restaurants and more. Suites within the building consist mostly of storefront retail along the main floor in addition to office space that spans between the main and second floors. Most tenants are on modified net leases that feature annual escalations, which creates an attractive hedge against inflation. Most expenses are passed through to the tenants and the building is nearly fully-occupied. However, there remains upside for the prospective investor to add value by increasing the occupancy or through restructuring leases. The building currently features on-site management who is willing to stay on.

Investment Highlights

  • Potential for on-site management to remain in place for the out-of-state owner
  • 2021 Improvements | Back deck replaced and exterior walls painted
  • Low-Cost Energy | Solar panels installed in 2016
  • Located along main retail corridor
  • Diverse local office & retail tenant mix | Limited supply of like product within submarket
  • Tourist Location | Located along San Juan River with proximity to Wolf Creek Ski Area

Exclusively Listed By

Broker of Record

  • Adam A. Lewis

    Vice President/Regional Manager

    (303) 328-2000

    License(s) CO: ER100091205

    Colorado

Mixed-Use

Village Center - Retail & Office

Listing Price: $2,970,541

Cap Rate
7.38%
Gross SF
21,752
Rentable SF
21,752
Price/Gross SF
$136.56
Lot Size
1.35 acres
Year Built
1982

Investment Highlights

  • Potential for on-site management to remain in place for the out-of-state owner
  • 2021 Improvements | Back deck replaced and exterior walls painted
  • Low-Cost Energy | Solar panels installed in 2016
  • Located along main retail corridor
  • Diverse local office & retail tenant mix | Limited supply of like product within submarket
  • Tourist Location | Located along San Juan River with proximity to Wolf Creek Ski Area

Investment Overview

Marcus & Millichap is pleased to present for sale, the Village Center in Pagosa Springs, CO. The subject property consists of a ±21,752 square foot, multi-tenanted shopping center that is situated on 1.35 acres and located at 56 Talisman Drive, Pagosa Springs in Archuleta County, Colorado. Village Center was delivered in 1982 and extensively renovated in 2016 with the installation of solar panels, which provide power to the building. In 2021, the property underwent a subsequent phase of renovations including exterior painting and replacement of the roof and rear deck. Village Center is situated on a main retail corridor, which provides ingress and egress from Village Drive and Talisman Drive, thus providing excellent visibility and access from the main road, San Juan Road (US Highway 160) which has a traffic count in excess of 20,000 VPD. McDonald’s, City Market, Speedway, Pagosa Urgent Care and Pagosa Inn & Suites are few of many nearby businesses that assist in driving traffic to the location. Village Center features a sustainable mix of local tenants that consists of an accounting firm, private practice therapist, nail salon, storage, land surveyor, coffee shop, restaurants and more. Suites within the building consist mostly of storefront retail along the main floor in addition to office space that spans between the main and second floors. Most tenants are on modified net leases that feature annual escalations, which creates an attractive hedge against inflation. Most expenses are passed through to the tenants and the building is nearly fully-occupied. However, there remains upside for the prospective investor to add value by increasing the occupancy or through restructuring leases. The building currently features on-site management who is willing to stay on.

Exclusively Listed By

Broker of Record

  • Adam A. Lewis

    Vice President/Regional Manager

    (303) 328-2000

    License(s): CO: ER100091205

    Colorado

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